Oil rises sharply as Saudi, Russia back supply cuts into 2018

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce the output by 558,000 barrels per day starting from January 1, 2017 for six months, extendable for another six months.

Meanwhile, Brent crude oil prices surged more than 2.4 per cent to $52.15 on Monday, after Saudi Arabia and Russian Federation agreed to extend production cuts into 2018.

Oil prices strengthened on Wednesday ahead of United States crude inventory data that could give investors a clue as to whether an OPEC-led output cut is making progress in reducing the persistent global supply overhang.

Traders came in early Wednesday with a bearish tilt because the weekly inventories report from the American Petroleum Institute for the week-ending May 12, released late Tuesday, showed a surprise crude oil build rather than the estimated draw down.

The International Energy Agency (IEA) said on Tuesday that commercial oil inventories in industrialised countries rose by 24.1 million barrels in the first quarter of the year, a time when the OPEC-led production cut was already in place.

Organisation of the Petroleum Exporting Countries (OPEC), continued to reduce production in April, but output from Africa's top exporter - Nigeria, increased by 273,600 barrels per day (bpd). Riyadh and Moscow say they should be extended until March. Some analysts have said a deeper cut could even be on the table.

Oil producers have been trying to boost prices, as crude futures trade around $50 a barrel, less than half their level from early 2014, though above the low of below $30 in early 2015.

The world oil supply in 2016 averaged 95.82 mbpd, representing an increase of 0.34 mbd compared to a year ago.

Shipping data in Thomson Reuters Eikon shows that U.S. oil exports to Asia have soared from just a handful of tankers per quarter throughout 2015 and 2016, to 10 tankers in the first quarter of this year, a figure that is expected to rise in the second quarter.

A second source said he expected Iran would probably agree to a nine-month extension when OPEC and non-OPEC producers meet to set policy on May 25 in Vienna, provided that other producers such as Iraq were also on board.

North Sea oil shipments to Asia have also been at record highs this year, with nearly 19 tankers registered to have been shipped in Q1, and a similar amount expected to go to Asia in the second quarter.

The court was told that the AIMPLB would file an affidavit stating its decision and include a copy of the model Nikaah Nama. Talaq is a word which, if told three times in a row, equals - in the Islamic tradition - a divorce.

The statement said that the USA communicated its concerns to the Turkish government "in the strongest possible terms". Police Chief Peter Newsham, the situation was especially "dicey" because some of the Turkish guards were armed.

She mentioned her grandparents who survived the Holocaust, and also how her father, Charles Kushner, founded the company in 1985. Sunday's presentations emphasised the complex's similarity to a Trump-branded luxury development a ten-minute drive away.

Mnuchin said a trade deal announced Friday with China showed the success of the Trump administration's trade approach. Steps taken by President Trump on trade and regulation since taking office have left foreign counterparts jittery.

Last time, Pakistan had moved the ICJ seeking its intervention over the shooting down of its naval aircraft. He said courts sometimes grant such orders which do not have any bearing on long-term running of the case.

Should the results as of midnight May 9 stand, the Green Party will be the deal-maker in any bill introduced in the legislature. A dialogue about how we do things, what we should do, how we want to shape the future of our province.

Visit www.michigan.gov/boating for more information on boating safety and who is required to take a safety class. Make sure your phone is fully charged but be aware that there often are coverage gaps on the water.

The Nashville Predators host the Anaheim Ducks in game three of the NHL Western Conference final on May 16 at 8pm EST . He also said he has received lots of text messages from family and friends telling him they will still cheer him on.

And Mr Morrison officially scrapped $13 billion in so-called zombie Budget measures hanging over from the 2014 and 2015 budgets. The airport is expected to create 60,000 jobs in the long term and is projected to be complete by 2026.

Oil extends gains as USA crude stocks fall for 5th straight week
US West Texas Intermediate (WTI) crude futures were at $47.57 per barrel, up 24 cents, or 0.5 per cent from the last settlement. World oil demand growth for 2017 was left unchanged at 1.27 million barrels per day with non-OECD countries leading the growth.